One of the most common start-up businesses is the restaurant. With $683.4 billion in annual U.S. restaurant sales, it’s no surprise that people are drawn to this particular venture. Even though Americans tend to cut back on consumption during economic downturns, overall, the industry saw consistent growth throughout the past decade.
Make no mistake, though, starting a restaurant business is not a walk in the park. It’s a great industry to get involved in, but it’s a competitive one as well. You’ll need more than a good menu and a winning smile to make it. Here are three tips for successfully starting a restaurant business.
1. Take Advantage of Lunchtime
Some restaurants decide to just focus on dinner, but this is usually a mistake, considering that lunchtime will account for 34% of a typical restaurant’s traffic. Lunch is a great time for restaurants to vamp up their offerings as many local employees will be looking for somewhere to get a bite. Lunch delivery services, lunch catering, and lunchtime deals are all worth offering. Deals are especially important — according to a BizGrader consumer survey, 79% of customers are more likely to visit a restaurant if they receive coupons or specials.
2. Understand What Your Customers are Looking For
Never assume that a good idea, or even good food, are enough to keep people coming. No matter how you start off your restaurant, you will probably need to adjust your approach to fit the needs of your customers. For example, did you know that 73% of customers are looking to eat healthy at restaurants? Focusing on crafting healthy meals can draw more people in. In most cases, you’ll benefit from sticking to one food type rather than trying to be everything for everyone. If pizza is what you really excel at, concentrate on making the best pizza in town, rather than just pretty good pizza/Italian/random Chinese offerings.
3. Don’t Forget Marketing
“If you build it, they will come,” is an old adage, but it doesn’t ring very true for the restaurant business anymore. A good business plan places emphasis on local marketing. This can include everything from mailing coupons to area residents, to offering deals to customers on your email list. BizGrader reports that 79% of customers feel more loyal to a restaurant if they regularly receive emails. And, of course, stay engaged with your social media.
Do you have tips for running a restaurant business? Let us know in the comments. Read more about this topic at this link.